(Reuters) - Indian gold reversed early losses to trade a tad higher on Friday evening on a weaker rupee, though sluggish overseas markets kept the upside limited. Physical traders sought declines in prices to book the yellow metal.
* The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.33 percent higher at 29,414 rupees per 10 grams. The contract struck a record of 30,295 rupees on June 6.
* The rupee, which eased on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* Global gold fell to a one-week low, extending losses from the previous day when the U.S. Federal Reserve gave no hint of plans for imminent stimulus.
* Gold sales have fallen by 70 percent compared to last year, said Haresh Acharya, head of the bullion desk at wholesaler Parker Bullion in Ahmedabad, adding, "demand would remain slow."
* Gold demand is likely to remain sluggish in coming months due to the onset of monsoon rains and a relatively inactive season for weddings and festivals. High prices also attract scrap in the domestic market.
* Silver was down 0.52 percent at 53,812 rupees per kg.
Following were the prices in rupees quoted by HDFC Bank in the spot market :
Friday Thursday
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Gold .999/10 grams 29,480 29,920
Silver .999/kg 55,510 56,840
Following were the prices in rupees on the Multi Commodity Exchange of India Ltd <0#MAU:>:
